rlj lodging trust (RLJ) Related Bloomberg News

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rlj lodging trust (RLJ) Details

RLJ Lodging Trust is an independent equity real estate investment trust. The firm also manages real estate funds. It invests in the real estate markets of the United States. The firm primarily invests in premium-branded, focused service, and compact full-service hotels. RLJ Lodging Trust was launched in 2000 and is domiciled in Bethesda, Maryland.

rlj lodging trust (RLJ) Key Developments

RLJ Lodging Trust announced that it has acquired the 164-room Hyatt Place DC/Downtown/K Street in Washington, D.C. and will acquire within the next few days the 170-room Homewood Suites Seattle/Lynnwood in Lynnwood, WA for a combined purchase price of $105.9 million. The Company will use the cash available on its balance sheet for both acquisitions. The Company acquired the recently opened Hyatt Place DC/Downtown/K Street in an off-market transaction for a purchase price of $68.0 million, or approximately $415,000 per key. The purchase price represents a forward capitalization rate of approximately 7.1% on the hotel’s projected 2016 net operating income and the projected 2016 RevPAR is approximately 53.0% higher than the Company’s 2014 reported RevPAR. The property opened in April 2015 following an extensive renovation and conversion from an office building. Located in downtown Washington, D.C., the Hyatt Place is four blocks from three metro stations and centrally located to numerous business and leisure demand generators such as the White House, government agencies, national associations and law firms. The Company also will acquire the 170-room Homewood Suites Seattle/Lynnwood for $37.9 million, or approximately $223,000 per key. The purchase price represents a forward capitalization rate of approximately 8.0% on the hotel’s projected 2016 net operating income. Opened in May 2014, the Homewood Suites is located in Seattle’s premier Lynnwood submarket, a region anchored by diverse industries such as aerospace, technology and healthcare.

RLJ Lodging Trust announced that its Board of Trustees declared a regular quarterly cash dividend of $0.33 per common share of beneficial interest. The dividend is payable on July 15, 2015, to shareholders of record as of June 30, 2015.

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